What is Boomerang?
Boomerang is an open innovation platform for providing open financial and banking services and Open API solutions. With this solution, the bank or financial institution can provide banking services and provide third parties and startup companies with customer banking data (with consent and permission of customer s) in a secure way. In this way, the range of innovative services provided to the bank’s customer grows even wider, and the bank – with an open innovation approach- on one hand can increase the variety of products connected to the accounts and on the other hand reduce product development costs, while achieving a new source of income.
Boomerang Advantages
- Providing access to banking and finance APIs based on the oAuth 2.0 standard
- Providing special features required by developers such as developer panel, sandbox and etc.
- Defining fees and monthly transaction withdrawal in the management panel
- By using Boomerang, the bank can attract monetary resources of companies and customers.
- Increase in number and variety of innovative services offered to the bank’s customers.
Boomerang features
- Boomerang platform, as the leader of open banking solution in Iran, provides fin-tech service to startups in the form of Finotech services.
- In Boomerang, a three-way communication is established between the customer, companies and external businesses with the bank, and the customer can allow another service (such as a personal accounting program or an online shopping site) to access theirs bank account or even withdraw from or transfer money to it automatically.
- In Boomerang, the three sides of interaction (he bank, the customer and the businesses) work together, and thus the product is named after this reciprocal process that occurs among parties, Boomerang.